S&T Group chairman Choi Pyung-kyu donated 10 billion won ($8.9 million) of his private assets to a scholarship foundation.

Choi gave 2 billion won in cash and 8 billion won worth of S&T Holdings stocks to a newly created S&T Group Scholarship Foundation.

S&T Dynamics and S&T Motiv chipped in with 10 billion won apiece, increasing the fund to 30 billion won.

Choi chairs the board of the scholarship foundation, which was launched in Changwon, South Gyeongsang Province, as of Tuesday.

The board is to have five directors including Saenuri lawmaker Yeo Sang-kyoo and Kyungnam University president Park Jae-kyu.

S&T Group, focusing on mechanical engineering, has total assets worth 2.5 trillion won and 20 subsidiaries, including S&T Holdings, S&T Dynamics, S&T Motive and S&T Motors.

“The educationally underprivileged class is growing as a result of a protracted global economic downturn,” Choi told local reporters. “It is a difficult time for companies, but I decided to donate part of my personal property because I believe that corporate responsibility for future leaders is all the more needed to get over the recession.”

He added that he would make additional donations to the scholarship foundation with his personal income.

By Chun Sung-woo (swchun@heraldcorp.com)